Fintechs, GHAMFIN collaborate to provide digital channels for industry

Ghana Fintech and Payments Association

A team from the Ghana Fintech and Payments Association GFPA), led by the President paid a courtesy call on the Ghana MicroFinance Institutions Network (GHAMFIN) to among other things discuss issues of interest and potential areas of partnerships and collaborations.

During the meeting, the President of the Ghana Fintech and Payments Association, Martin Kwame Awagah, revealed: “the end goal of digital financial transformations is to achieve financial inclusion. But with all the technological disruptions ongoing, most microfinance, microcredit and savings and loans institutions are not taking advantage of these rapid developments, hence losing out on providing the convenience and access to finance that most businesses operating in the informal sector are in dire need of.”

He further stated that his Association, which has close to thirty-five (35) members with the appropriate technologies to serve both the formal and informal sectors of the economy with financial tools to push the cashlite agenda is what has so far made Ghana one of the top five (5) investor friendly and fintech hubs in Africa.

On his part, the Executive Director of GHAMFIN, Yaw Gyamfi stated that as a Network comprising of seven (7) member Groups, they are very abreast with recent technological advancements the world over, especially in the financial sector due to the impact of COVID-19 lockdowns. Having taken notice of these, they are working with their members to deploy technologies that will positively impact their work and enhance efficiency in the industry.”

“Collaborations will create the willpower for members with relevant products and so therefore we are excited to work with your Association to meet you halfway in providing essential technologies for our industry,” he said.

Solomon Koomson, representing Bankingly stated, “Technology is quickly becoming the core of financial services globally and paving the way for smart and simple banking solutions. It has transformed the banking industry and Bankingly is at the forefront of this change. Through our mobile and internet banking solutions, we are enabling financial health and inclusion for all in Africa. We strongly believe the way to leapfrog other players that have been here long term is to align with key industry disruptors and one of such is Bankingly.

Mr. Gyamfi also took the opportunity to brief the team from Ghana Fintech and Payments Association on its structures as an institution and wider scope of membership. He also spoke on some projects they have worked on over the years and how going forward, a lot more can be achieved by partnering with the Association.

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